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Asha Lal

The 52 week money challenge

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Soooo, is anyone else doing the 52 Week Money Challenge? (Not sure if we’re allowed to post links here… but you can google it)

 

I’m gonna try it for all of 2017 and if I keep it up, BOOM I should have over $1k by the end of th year! So far so good :P Basically you save $1 in the 1st week and then $2 in the 2nd week, and so on until you’re saving $52 in the last week of the year.  #lifehack

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I have been reading different articles since I was a student on what amount from our paycheck should we be saving for retirement, travel, emergency etc. Through trial and error over the years heres my take on it:

  • Total retirement contribution should be 10-15%. If you are in Kiwisaver, it already is around 6% with employer, employee and government contributions yearly. Another good hack is to increase your kiwisaver contribution whenever you get a payrise so your net income still stays the same but more is contributed to the Kiwisaver.
  • Emergency accounts are supposed to be 3-9months and its good to put regular contribution every paycheck and I tend to put 5% away. Also whenever I work extra shifts or a public holiday the extra money goes towards the emergency fund. Keeping it in a oncall savings account means its on hand for those one time major disasters in life.
  • Holiday accounts take another 5% of the paycheck. To give it a boost and most employers allow this, a weeks annual leave can be cashed out yearly. 
  • Personal expenses such as mortgage/rent, food, insurance, groceries etc is for me is 30% of the income.
  • Add 10% if a house is owned for yearly maintenance costs.
  • Savings for long term is 20-35% in a higher interest earning mixed fund.

My plan for the 52 weeks, works for me:)

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On 29/01/2018 at 10:45 PM, Tina said:

wanted to know how everyone doing

I have a similar savings aim to you Tina. Did really well last year, but have been a bit hammered by December/January though - really need to tighten the belt and get back on track.

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On 02/02/2018 at 2:45 PM, Spendin said:

I have a similar savings aim to you Tina. Did really well last year, but have been a bit hammered by December/January though - really need to tighten the belt and get back on track.

Hi thanks for ur update. These things have their ups n downs. Just out of curiosity do u contribute to an emergency acc

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On 06/02/2018 at 8:17 PM, Tina said:

Hi thanks for ur update. These things have their ups n downs. Just out of curiosity do u contribute to an emergency acc

I spent a couple of years building up a 6-month Emergency Fund. I now earn a little bit more money so spend a bit more, so it's probably more like a 3-4 month emergency fund. I'm glad I have it - it makes me much more confident knowing that I have a bit of money stashed aside!

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22 minutes ago, Spendin said:

I spent a couple of years building up a 6-month Emergency Fund. I now earn a little bit more money so spend a bit more, so it's probably more like a 3-4 month emergency fund. I'm glad I have it - it makes me much more confident knowing that I have a bit of money stashed aside!

Well done. I am Definitly impressed.

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